I was a retail trader from 2005-2010 trading several accounts during that time. The reason I had several accounts, was because my balances were small; less than the $25k minimum required for intra-day and I often broke the intra-day rule and was suspended several times from trading because of it. Instead of waiting out the suspension period, I would just open a new account.
Long story short: I was not profitable in this very demanding endeavor and now I have 3 accounts each with <$20.00 in them that have been dormant for years.
Two of the accounts were Joint w/ Right of survivorship with another family member on them. Another was an official partnership. All of the trading transactions on each of these accounts were processed by an accountant (gains/losses) during the year in which they occurred. However, nothing tax-wise has been done for the years since when they have sat inactive with $15.00 or so dollars in them.
My question: what do I have to do (if anything) to officially close these accounts out? Will I run into any issue for not "filing" whatever tiny interest accrued on these tiny inactive accounts with my taxes each year?
Thank you very much for any help.
Long story short: I was not profitable in this very demanding endeavor and now I have 3 accounts each with <$20.00 in them that have been dormant for years.
Two of the accounts were Joint w/ Right of survivorship with another family member on them. Another was an official partnership. All of the trading transactions on each of these accounts were processed by an accountant (gains/losses) during the year in which they occurred. However, nothing tax-wise has been done for the years since when they have sat inactive with $15.00 or so dollars in them.
My question: what do I have to do (if anything) to officially close these accounts out? Will I run into any issue for not "filing" whatever tiny interest accrued on these tiny inactive accounts with my taxes each year?
Thank you very much for any help.